The EOS21 protocol now allows for tokens to move seamlessly between the EOS and Ethereum blockchains. This was created by the shEOS team.
This new project will offer an alternative for the traditional method of blockchains crediting investors with their relevant tokens when changing to EOS from Ethereum.
This will see the given tokens teleported from one of the chains to another one. It will exist with the destination chain. However, it will not be part of the other chain in a fungible manner.
For this to happen, there are three different dimensions that are being delivered. The first of these is through a black hole contract.
This will absorb the given ERC20 tokens and will then take on board the account info that relates to the destination chain of EOS. Another dimension is the Oracle program which operators in order to monitor ETH transactions, as well as allowing for the EOS token distribution.
Finally, the last dimension for this protocol is in the form of an EOS token contract. This will see tokens distributed to the given EOS account. With this new protocol, it is expected that the EOS network is going to experience further significant growth. They only recently bypassed the 60,000 mark for unique active accounts.
As of now, they have a market cap in the $4.8bn region which makes it the 5th largest market cap for any tokens.
EOS is currently behind Bitcoin Cash XRP, Ethereum and Bitcoin in the rankings. It will certainly be interesting to see the extent of their future growth and see if they can take down the competition that currently lies ahead of them.
With green shoots starting to appear after a difficult 2018 for a lot of crypto projects, there is a lot of potential.